Claims occur at the point where the policy matures or upon a death claim or surrenders. Maturities will be initiated by the company while death claims and surrenders are initiated by the policy holders.
Claims are subject to the contribution of all due premiums, submission of the policy document, proof of ownership (with the onus being on the claimant), proof of death on a death claim and proof of age of the deceased.
Claims underwriting involves establishing that the cause of death is covered under the policy and that the right amount is paid to the right person.
The claims process involves:
- Receiving of claims notification
- Receiving notification from the client on the need to pay out
- Receiving the supporting documents from the claimants
- The claims assessment
- Notification of admission or not of the claim